Every year a number of brave men and women sign up to serve in the military for the United States. These people put their lives on the line to protect the freedoms that you and I use every single day. Joining the army is a selfless act, and for many it is one that is filled with pride. It is absurd to think that when a veteran returns home they have to deal with not only the mental and physical damage done to their lives, they struggle to find work and homes.
The va loan program was created in order to help these veterans receive loans for a house to live in. These veterans deserve the va loan program because it helps them stay away from being homeless, and helps them live the life they want to live after war. If they were willing to sacrifice everything for the greater good of this country, it is only right that we create va loan program and other loan progams for veterans.
In order to quality for a va loan program, an applicant needs to have served 181 days during peacetime, 90 days during war time, or six years in either the rerves or the National Guard. If the applicant is the spouse of a service member that was killed while in the line of duty, that applicant can qualify as well. Those are just two of the va loan requirements for a va home loan for veterans.
In just the state of Texas, the va loan program is quite popular. This is due to the fact that there are a high number of veterans in this state in particular. As a matter of fact, ther are 1.5 million veterans in the state of Texas. The medican income for these veterans in Texas equates to $40,226. Even though the va loan program has come quite a long way, there are still some veterans who are not receiving their just due.
VA Loan Programs Are Increasing
In the year of 2016, va loan programs nationwide managed to guarantee about 707,107 home loans. The VA Home loan has managed to help more than 22 million veterans across the country finally achieve homeownership so that they have a place to call home.
In the year of 2015, a total of 134,808 home loans were given to people who were not only veterans, but were also first time homebuyers. In the year of 2015, a total of 187,307 home loans were given to veterans who had previously owned a home prior to purchasing the new home. In just the state of Texas, veterans received a total of 58,774 home loans in 2016. Finally, VA mortagage rates are currently as much as 50 basis points lower than those available for conventional mortagage loans.
In conclusion, the va loan program is incredibly important to the well being of veterans who return home after serving the country. VA loans do not require mortgage insurance and allow for 100% financing. These veterans will struggle to deal with the damage of war, as well as finding work. It is not easy being a soldier in war, and it is not easy being a veteran in the United States.